2002 AUSTRIAN ECONOMICS SUMMER SEMINAR
The Foundation for Economic Education
Irvington-on-Hudson, NY 10533
Recommend General Readings
Peter J. Boettke, ed., The Elgar Companion to Austrian Economics. Aldershott, UK: Edward Elgar, 1994.
Peter J. Boettke and David Prychitko, eds., Market Process Theories. Aldershott, UK: Edward Elgar, 1998.
Edwin Dolan, ed., The Foundations of Modern Austrian Economics. Kansas City: Sheed & Ward, 1976.
Karen Vaughn, Austrian Economics in America. New York: Cambridge University Press, 1994.
SATURDAY June 22
Lecture 1: Austrian Economics and FEE (Skousen)
Skousen, Mark. Economic Logic. Lanham, MD: Capital Press, 2000.
Skousen, Mark. The Making of Modern Economics. Armonk, NY: M.E. Sharpe, 2001, chapters 7, 12, 16 and 17.
SUNDAY June 23
Lecture 2: Austrian Economics in the Contemporary Landscape (Boettke)
Lecture 3: On the History and Method of Austrian Economics (Kirzner)
Kirzner, Israel M. "The Austrian School of Economics," The New Palgrave Dictionary of Economics (Macmillan, 1987).
Kirzner, Israel M. "On the Method of Austrian Economics," in Edwin Dolan, ed., The Foundation of Modern Austrian Economics. Kansas City: Sheed & Ward, 1976: 40-51.
Kirzner, Israel M. "Philosophical and Ethical Implications of Austrian Economics," in Edwin Dolan, ed., The Foundation of Modern Austrian Economics. Kansas City: Sheed & Ward, 1976: 75-88.
Kirzner, Israel M., ed., Classics in Austrian Economics, 3 vols. (Pickering and Chatto, 1994), introductions to all three volumes.
Lecture 4: Subjectivism: What is it? Why Does it Matter? (Rizzo)
O'Driscoll, Jr.,G. P., and Mario J. Rizzo, The Economics of Time and Ignorance. New York: Routledge, 1995: 44-50.
Buchanan, James. Cost and Choice. Chicago, 1969: 16-50. Available on-line at: http://www.econlib.org/library/Buchanan/buchCv6c1.html
Bohm-Bawerk, Eugen. "On the Value of Producers' Goods and the Relationship between Values and Costs." In Böhm-Bawerk, Capital and Interest (vol. 3): Further Essays in Capital and Interest. Libertarian Press, 1959: 104-115
Wicksteed, Philip. "The Scope and Method of Political Economy in the Light of the "Marginal" Theory of Value and Distribution," (1914), reprinted in Wicksteed, Common Sense of Political Economy, edited by Lionel Robbins, vol. 2, London: Routledge, 1935: 772-796.
Lecture 5: The Theory of the Market Process (Kirzner)
Kirzner, Israel M. The Meaning of Market Process (Routledge, 1992), chapters 1-2.
Machovec, Frank. Perfect Competition and the Transformation of Economics (Routledge, 1995).
Iliev, Ilian. “Entrepreneurship and Venture Capital in the Former Socialist Economies.”
Guest Lecture #1: Hayek’s Implicit Economics (Karen Vaughn)
MONDAY June 24
Lecture 6: Capital and Interest Theory (Garrison)
Garrison, Roger. W. “A Subjectivist Theory of a Capital-Using Economy,” in Gerald O’Driscoll and Mario Rizzo, The Economics of Time and Ignorance. New York: Routledge, 1995, pp. 160-187.
Garrison, Roger W. “Professor Rothbard and the Theory of Interest,” in Walter Block and Llewellyn Rockwell, eds., Man, Economy and Liberty: Essays in Honor of Murray N. Rothbard. Auburn: Ludwig von Mises Institute, 1988, pp. 44-55.
Hayek, F. A.. Prices and Production, second revised edition, New York: Augustus M. Kelley, 1967 , Chapter 2 (pp. 32-68).
Lecture 7: Microfoundations and Macroeconomics: Alternative Approaches (Horwitz)
Lachmann, Ludwig. 1978. Capital and Its Structure, Kansas City: Sheed Andrews and McMeel.
Leijonhufvud, Axel. 1981. “The Wicksell Connection,” in Information and Coordination, Oxford: Oxford University Press.
Shah, Parth. 1997. “The Theory of Business Fluctuations: New Keynesians, Old Monetarists, and Austrians,” Advances in Austrian Economics 4, Greenwich, CT: JAI Press: 33-62.
Yeager, Leland B.. 1968. “Essential Properties of the Medium of Exchange,” Kyklos, January/March.
Lecture 8: Monetary Theory: The Austrian Contribution (White)
Mises, Ludwig. The Theory of Money and Credit, ch. 8, pp. 129-77. Indianapolis: LibertyClassics, 1980.
White, Lawrence. "Hayek's Monetary Theory and Policy: A Critical Reconstruction", Journal of Money, Credit and Banking, 31 (February 1999): 109-120.
Selgin, George and Lawrence H. White, "The Evolution of a Free Banking System," Economic Inquiry, 25, no. 3 (1987): 439-457.
Lecture 9: The Theory of Business Fluctuations (Garrison)
Garrison, Roger W. Time and Money: The Macroeconomics of Capital Structure. London: Routledge, 2001, Chapters 3 and 4 (pp. 33- 83).
Hayek, F. A.. Prices and Production, second revised edition, New York: Augustus M. Kelley, 1967 , Chapter 3 (pp. 69-100).
TUESDAY June 25
Lecture 10: Time and Money: An Agenda for Macroeconomics (Garrison)
Bellante, D. and Garrison, R. “Phillips Curves and Hayekian Triangles: Two Perspectives on Monetary Dynamics,” History of Political Economy, vol. 20, no. 2, 1988, pp. 207‑234.
Leijonhufvud, Axel. “Three Items for the Macroeconomic Agenda,” Kyklos, vol. 51, no. 2, 1998, pp. 197‑218.
Sechrest, Larry. “Austrian and Monetarist Business Cycle Theories: Substitutes or Complements?” Advances in Austrian Economics, vol. 4, 1997, pp. 7‑31.
Lecture 11: Monetary Institutions (White)
Selgin, George, and Lawrence H. White, “A Fiscal Theory of Government’s Role in Money,” Economic Inquiry 37 (January 1999): 154-65.
White, Lawrence H. Free Banking in Britain, 2nd edition. London: Institute for Economic Affairs, 1996.
White, Lawernce H. The Theory of Monetary Institutions. Oxford: Basil Blackwell, 1999.
WEDNESDAY June 26
Lecture 12 : Socialist Calculation and Modern Models of Socialism (Boettke)
Boettke, Peter. “Towards a History of the Theory of Socialist Planning,” in Peter J. Boettke, ed., Socialism and the Market: The Socialist Calculation Debate Revisited, IX volumes (New York: Routledge, 2000): Vol. I, 1-39.
Lavoie, Don. Rivalry and Central Planning (Cambridge University Press, 1985), chapters 1, 3 and 6.
Lecture 13: Tendency Toward Equilibrium: Some Austrian Disagreements (Rizzo)
Rizzo, Mario. "Hayek's Four Tendencies to Equilibrium," Cultural Dynamics (1990).
Rizzo, Mario. "Equilibrium Visions," South African Journal of Economics (1992).
Loasby, Brian. Equilibrium and Evolution: An exploration of connecting principles in economics. Manchester, UK: Manchester University Press, 1991: 1-57.
Lecture 14: An Austrian Approach to Macroeconomic Modeling (Skousen)
Skousen, Mark. The Structure of Production. New York: New York University Press, 1990.
Skousen, Mark. Economic Logic. Lanham, MD: Capital Press, 2000.
Lecture 15: Current Research on Urban Economics and Public Policy (Ikeda)
Jacobs, Jane. “The kind of problem a city is,” Death and Life of Great American Cities. New York: Vintage, 1961, chapter 22.
Garreau, J. “New Jersey” in Edge Cities: Life on the New Frontier. New York: Anchor Books, 1991.
Hayek, F. A. “Housing and town planning” in The Constitution of Liberty. Chicago: University of Chicago Press, 1960.
Holcombe, R. and Samuel R. Staley (eds) (2001). Smarter Growth: Market-Based Strategies for Land-Use Planning in the 21st Century (Contributions in Economics and Economic History, No. 224). Greenwood Publishing Group.
Gordon, Peter and Harry Richardson. “Hayek and Cities: Guidelines for Regional Scientists,” 1999. On-line publication at http://www-rcf.usc.edu/~pgordon/hayek.html
Guest Lecture #3: A Coordinationist Perspective on Macroeconomics (Wagner)
THURSDAY June 27
Lecture 16: Welfare Economics and the Good Society (Horwitz)
Kirzner, I. "Welfare Economics: A Modern Austrian Perspective," in W. Block and L. Rockwell, eds., Man, Economy and Liberty: Essays in Honor of Murray Rothbard (Ludwig von Mises Institute, 1988).
Roy Cordato, Welfare Economics in an Open-Ended Universe (Kluwer Academic Publishers, 1992).
Lecture 17: Austrian Political Economy (Boettke)
Lecture 18: Institutional Preconditions for Economic Development (Harper)
Robert Barro, "Democracy and Growth," Journal of Economic Growth, 1, no. 1 (1996): 1-27.
Harper, David. "Institutional Conditions for Entrepreneurship," Advances in Austrian Economics, Vol. 5 (1998): 241-276.
Steele, Charles. "Entrepreneurship and the Economics of Growth," Advances
in Austrian Economics, Vol. 5 (1998): 51-84.
Lecture 19: Current Research on Alternative Monetary Regime: A Dialogue (White and Horwitz)
Open Discussion: An Austrian on the Academic Job Market (Stringham)
Guest Lecture #4: Hayek and Experimental Economics (Smith)
FRIDAY July 28
Lecture 20: Law Amid Flux - The Importance of the Framework (Rizzo)
Rizzo, Mario J. "Rules Versus Cost-Benefit Analysis in the Common Law," The Cato Journal, 4, no. 3 (Winter 1985): 865-884.
Rizzo, Mario J. "Law Amid Flux: The Economics of Negligence and Strict
Liability in Tort," Journal of Legal Studies, 9 (March 1980):
Lecture 21: Possible Futures for Austrian Economics (Boettke)